Central Banking

Cash launch to boost public support for euro-Noyer

European Central Bank Vice President Christian Noyer said on Feb. 2 that public support of the single currency would grow with the introduction of euro notes and coins from January 1, 2002. Echoing earlier comments from other ECB officials, Noyer said it was unfortunate that the positive influences of the single currency, particularly price stability, had gone largely unnoticed by the general public in Europe.

European Central Bank Vice President Christian Noyer said on Feb. 2 that public support of the single currency would grow with the introduction of euro notes and coins from January 1, 2002. Echoing earlier comments from other ECB officials, Noyer said it was unfortunate that the positive influences of the single currency, particularly price stability, had gone largely unnoticed by the general public in Europe.

"The euro has largely been associated with the depreciation of its exchange rate," Noyer said, noting that the public associated stability with their own national currencies. "This, I am confident, is set to change with the introduction of our new currency in the form of banknotes and coins," he said in the text of a speech delivered at a banking conference in Courchevel, France.

Noyer drew attention to the ongoing differences in prices charged by European banks for making cross-border payments compared with transfers within a single country and called on banks to reduce the disparity. "Once European businesses and citizens are using the euro for their everyday transactions, the provision of low-cost, efficient cross-border retail payment services will undoubtedly become a clear policy priority," he said.

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